Capital controls spillovers

被引：1

作者：

Landi, Valerio Nispi ^{[1
]}

机构：

[1] Bank Italy, Rome, Italy

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2020年 / 109卷

关键词：

Capital controls; Open economy macroeconomics; International business cycles; EXTERNALITIES; VOLATILITY; MONETARY; INFLOWS; FLOWS;

D O I：

10.1016/j.jimonfin.2020.102238

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

I set up a three-country business cycle model with one advanced (AE) and two emerging economies (EMEs) to analyze the spillover effects arising from capital controls. Following a push-factor shock from the AE, if one EME tightens capital controls, the other EME experiences an additional wave of foreign investments, which amplify the macroeconomic boom. The spillovers effects are welfare improving for the other EME, which can borrow at a lower interest rate. Moderate capital controls may be useful to EMEs to affect the interest rate at which they trade international bonds. Coordination among EMEs in setting capital controls delivers relatively small welfare gains compared with the Nash equilibrium. (C) 2020 Elsevier Ltd. All rights reserved.

引用

页数：19

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